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Return to Virginia Business -
June 2001
The Virginia 100
Back to introduction
Editors’ Note: Some Virginia Business
estimates are based on harder data than others. We give each estimate a rating that
reflects the confidence we have in our research: "A" is for accurate,
"B" is for ballpark and "C" is conjecture.
*Includes assets held in trust or by other family
members.
JOHN W. KLUGE
Charlottesville, New York, Palm Beach. 86. Made his
billions buying and selling properties, mostly in entertainment and communications, over
the last several decades. Chairman of New Jersey-based Metromedia Co., one of the
country’s largest private partnerships. Controls 1,200 Bennigan’s, Steak &
Ale and Bonanza restaurants along with various media, technology and communications
holdings. Has interests in telephones and cable in China, Eastern Europe and Russia. Won
lavish praise for a $65 million donation to the Library of Congress.
Net worth: $11 billion
Confidence: B
MARS
FAMILY
McLean and Arlington. Patriarch Forrest Mars Sr., an
eccentric recluse often compared to Howard Hughes, passed away about two years ago. The
company is being run by brothers Forrest Jr., 69, and John Franklyn, 65. Sister
Jacqueline, 61, lives in New Jersey. The family and company are so intensely insular that
rumors abound. One says that the heirs can’t make and market M&M’s as well
as dad; another has the company up for sale. Neither seems right: Mars keeps churning out
chocolate just as it did in 1911 when grandparents Frank and Ethel began selling candy.
Net worth: $11 billion
Confidence: C
FRANK BATTEN SR.
 Virginia Beach. 74. Has turned over Norfolk-based Landmark Communications to
son, Frank Jr., but is still involved in the Landmark Foundation. Landmark owns The
Virginian-Pilot, The Roanoke Times and other newspaper properties as well as two TV
stations and The Weather Channel. Newspapers are in a funk these days, and Landmark pruned
back its ambitious and money-losing community Web portals in Norfolk and Roanoke and sold
Richmond.com outright. But the Weather Channel is one hot property — it recently
surpassed 80 million U.S. subscribers, one of only 12 cable networks to do so.
Landmark’s 50 percent stake in Trader Publishing Co., which publishes classified
magazines, is probably the most valuable holding of all.
Net worth: $2.35 billion
Confidence: B-
ROGER SANT
Middleburg. 69. Chairman of the board and a director of
AES Corp., the global power company he co-founded with Dennis Bakke in 1981. Sant owns a
10 percent stake, but spends much of his time these days as head of the Washington-based
Summit Foundation, a family foundation that awards grants to population and environmental
programs. A passionate conservationist, he serves on the boards of WWF International and
Resources For the Future. He’s also an active member of the Piedmont Environmental
Council. "I think of the planet as a living, breathing thing," he says. Also
serves as a board director for the National Symphony Orchestra and Marriott International
Inc. Revenues for AES in 2000 were $7.5 billion, up $4.2 billion over the previous year, a
boost Sant attributes to added businesses in foreign countries moving towards privatizing
electricity.
Net worth: $2 billion
Confidence: A
DENNIS BAKKE
Arlington. 55. Wants to bring light to the world in the
form of both electricity and Christian largesse. Bakke leads AES Corp., a global power
company with operations in 36 countries. AES strives to serve the world with clean,
reasonably priced electricity. "We go where we’re needed and can live our values
and principles," says Bakke. Recently, the company added new businesses in such
underdeveloped countries as Nigeria and Bangladesh. As president and CEO, Bakke owns 7
percent of the company. A devout Christian, Bakke hasn’t taken a salary since 1998.
Plans to give away 99 percent of his wealth over his lifetime. Much of his philanthropy
goes to the Mustard Seed Foundation which last year gave away $9 million in grants,
including money for relief efforts following catastrophes such as the earthquake in India.
Mustard Seed has also funded a Christian University in Moscow.
Net worth: $1.7 billion*
Confidence: A
SINGHS
Mount Vernon. Last year, India-born Raj Singh, 46, his
wife Neera, 42, were worth $2.2 billion but have taken big hits with the drop in high-tech
stocks. Share price drops have cut at least $500 million from their holdings, which
include electronics firm LCC International and Aether Systems, a wireless and mobile data
systems company. Still, Raj Singh, who studied at American universities and became a
communications powerhouse, and his wife, who is a majority stockholder in some of his
firms, are still major players on the Northern Virginia tech scene.
Net worth: $1.5 billion
Confidence: B
STEPHEN M. CASE
McLean, 43. The now-accomplished merger with Time
Warner has made Case, who is chairman of the new entity, one of the most powerful business
leaders in the U.S. Yet, his ascendancy has been tempered by a lowering of the stock price
from about $95 in December 1999 to the $50s in April and May. Net worth has dropped
accordingly. AOL Time Warner has had some bumps since the merger as well, from problems at
CNN to the general downturn of the high-tech and telecom market. Even though the merger
mixes the old and new economy in some uneasy ways, AOL still enjoys high subscriber rates.
Net worth: $1.1 billion
Confidence: B
SMITH/KOGOD FAMILY
Crystal City and Washington. Immigrant Charles E. Smith
incurred major losses during Depression, left New York in 1942, founded The Charles E.
Smith Cos. in 1946. Died in 1995 at age 95. Son, Robert H. Smith, 72, joined company in
1950, and son-in-law Robert Kogod, 69, in 1959. Built company into the state’s
largest real estate development and management company. Took residential portfolio public
in 1994 as Charles E. Smith Residential Realty Inc. Market value approximately $3.25
billion. Consolidated office buildings during 1997 and 1998 into Charles E. Smith
Commercial Realty L.P., a private master limited partnership.
Net worth: $1 billion
Confidence: A
RICHARD ADAMS
Falls Church. 44. Founder of Herndon-based UUNet
Technologies Inc. Company went public in 1995, and Adams sold it to MFS Communications
Inc. in 1996 for $2 billion; company now part of MCI WorldCom. Adams then focused on Cello
Technologies, a private company that designed high-end home entertainment and electronic
systems. A related company, Cello Recordings, filed for bankruptcy protection in June of
2000. Land holdings have fared better. Purchased more than 100 acres just inside the
Capital Beltway at Route 50 in 1997 for about $38 million. Land’s value much higher
today.
Net worth: $750 million
Confidence: C
FRANK BATTEN JR.
Norfolk. 42. Buoyed by his success at start-up Red Hat,
Landmark Communications scion bankrolled another tech company, Great Bridge, last year.
Where Red Hat packages and sells open-source operating systems, Great Bridge promotes an
open-source database called Postgres. Launched in May, the Norfolk company was shipping
product by December and lining up paying customers by the first quarter this year.
Although Great Bridge aspires to expand internationally, it is forging key partnerships
close to home. Deals with Richmond’s bayMountain will allow customers to outsource
servers that can host Postgres software, while Xperts will use Postgres in Web design.
Together, they hope, the three companies can deliver a full-service solution that’s
competitive with Oracle — without the hefty license fees. Despite the tech crash,
Batten’s angel investment in Red Hat is worth $300 million. It’s too early to
tell if Great Bridge can duplicate that performance.
Net worth: $660 million
Confidence: B-
CURRIER FAMILY
The Plains. Sisters Andrea Bruce Currier, 45, and
Lavinia M. Currier, 44, come from a long line of philanthropists and patrons of the arts.
Their family helped build the National Gallery of Art. Lavinia contributed to the
family’s arts crusade in 1998 when she released her directorial debut, "Passion
in the Desert," a feature film based on a short story by Honore de Balzac, for which
she also wrote the screenplay. Both sisters serve on board of nonprofit Friends of Bull
Run. Together have loaned or donated more than $2 million to Virginia Outdoors Foundation
to help preserve land in Bull Run area.
Andrea B. Currier: $320 million
Lavinia M. Currier: $320 million
Confidence: C
JAMES V. KIMSEY
Arlington. 61. Dulles-based America Online founding CEO
and chairman emeritus. Director for Capital One Financial Corp., a financing company,
Capital One Bank and EduCap Inc. Sports-minded Kimsey had been involved in a failed
project to buy the Washington Redskins and now is trying to bring baseball back to the
nation’s Capital following the Senators’ departure to Texas three decades ago. A
West Point graduate, Kimsey served two tours in Vietnam and has been active in supporting
orphanages in that country.
Net worth: $625 million
Confidence: B+
ROBERT KOPSTEIN
Roanoke. 51. Heads fast-growing Optical Cable Corp.,
which manufactures fiber optic cables for data communications. Started company in 1983
with handful of private investors. Went public in April 1996 and since then annual
revenues have grown from $29 to $58 million dollars. At a time when other companies are
laying off workers, Optical Cable plans to add 120 employees this year as production
increases to meet a $10 million order for fiber optic cables from U.S. government for
various military deployments. CEO Kopstein owns 96 percent of the company.
Net worth: $617 million
Confidence: B
THEODORE J. LEONSIS
Great Falls. 45. A member of the America Online family
since 1994, Leonsis’ role has changed since AOL’s merger with Time Warner Inc.
He’s now vice chairman of America Online and president of new products. However, the
high-tech drop has hurt Leonsis who has interests in the National Hockey League’s
Washington Capitals and other sports groups, such as professional basketball. His room to
maneuver sportswise has been clipped by his stock hits, which have cut about $300 million
off his net worth.
Net worth: $600 million
Confidence: A-
GOTTWALD FAMILY
Richmond. Fuel additive maker Ethyl Corp. is turning in
a lackluster performance. Shares have slipped from a high of about $3 a year ago to about
a buck now. CEO Bruce C. Gottwald has declined pay hikes for the past four years.
Specialty chemical maker Albemarle Corp., run by brother Floyd D. Gottwald Jr., 78, is
doing somewhat better as is Tredegar Corp., an aluminum exclusion maker run by
Floyd’s son, John D. Gottwald, 46.
Net worth: $600 million
Confidence: B
BARRY SCHULER
Great Falls. 46. Another key player in the America
Online team. Schuler’s new role in the newly merged setup is CEO and chairman of
America Online Inc., now a division of AOL Time Warner. America Online has more than 28
million subscribers. Considered a visionary who is tops in visual technologies, Schuler is
the software expert who led the introduction of the famed "You’ve got mail"
setup. He’s also been big in creating computer games and graphics software, but has
seen his fortunes diminish with the tech crash. His next challenge will be to lead AOL
away from its traditional reliance on the telephone-based Internet to a wireless future.
Net worth: $600 million
Confidence: B-
CARL W. SMITH
Charlottesville. 73. Rising energy prices may prove a
boon to Carl Smith and his AMVEST Corp. Coal prices have increased for the first time in
20 years, putting Smith in a position to negotiate more favorable terms when he begins
renewing long-term contracts with electric utilities next year. His Fola, W.Va., operation
is the second largest surface mine in the Appalachians. Meanwhile, a tripling of natural
gas prices increases the value of reserves he’s acquired in Nova Scotia and Oklahoma.
Exploratory drilling for gas in Nova Scotia has identified a promising geological
formation that merits extensive seismic work.
Net worth: $570 million*
Confidence: A-
OHRSTROM FAMILY
Middleburg and The Plains. Magalen Ohrstrom Bryant, 72,
and brother George Ohrstrom, 73, have done well with investments they made with their
inheritance from their father. The reclusive Ohrstrom family owns shares in Dover Corp.
and Carlisle Cos. in New York along with plastics maker O’Sullivan Corp., based in
Winchester.
Magalen O. Bryant: $400 million
George L. Ohrstrom: $140 million
Confidence: C
WES FOSTER
McLean. 66. Real estate company he started with Hank
Long in 1968 is the fourth-largest in the U.S. and the largest in the Mid-Atlantic region.
Bought out Long in 1968. In 2000, sales reached a record $15.5 billion, up 17 percent from
1999. Sales in February alone registered $1.8 billion, taking advantage of lower mortgage
rates and hot demand for homes. Hottest market in five-state region is Northern Virginia
and the Maryland suburbs of Washington.
Net worth: $500 million
Confidence: C
ALICE DUPONT MILLS
Middleburg, 88. A pioneer among aviatrixes, she
inherited a fortune from her father, A. Felix DuPont, who was a major shareholder of
chemical giant E.I. DuPont de Nemours & Co.
Net worth: $450 million
Confidence: C
ROBINS FAMILY
Richmond. Late E. Claiborne Robins Sr. created Robins
Foundation in 1957. Since then, family’s philanthropic contributions have benefited
the University of Richmond, Maymont Park, Lewis Ginter Botanical Gardens, and the
Children’s Museum. Son E. Claiborne Robins Jr., 56, spearheads family’s
activities and currently chairs a successful capital campaign for the Richmond SPCA that
has raised $9.7 million of $10 million needed for a new facility. Matriarch Lora Robins,
88, recently donated $7 million to the Virginia Museum of Fine Arts to create and maintain
a 3-acre sculpture garden. Sister L. Elizabeth Robins Porter lives in Vermont, but sister
Ann Carol Marchant lives in Richmond and is on board of The Steward School and is a
trustee of the University of Richmond.
Net worth: $450 million
Confidence: C
RICHARD D. FAIRBANK
 McLean, 50. Credit card guru is co-founder, chairman and CEO of Capital One
Financial Corp., one of the largest issuers of MasterCard and Visa cards. Regarded as one
of the best companies to work for in the U.S. On the board of MasterCard Inter-national
Inc. Encour-ages employees to be active in their communities by serving meals to the
needy, supplying food banks and renovating houses.
Net Worth: $400 million
Confidence: A
ROBEY ESTES FAMILY
Richmond. Robey Estes, 80, chairs Estes Express Lines, a
trucking company founded by his father in 1931. His 48-year-old son runs operations.
Net worth: $400 million
Confidence: C
WOODROW W. MCGLOTHLIN
Grundy. 87. A founding partner of the United Co., McGlothlin
sold his stake two years ago. Today, he’s more interested in giving his money away
than making more. Ninety-five percent of his charitable donations have gone to educational
projects in Southwestern Virginia. He’s still active in the community, serving as
treasurer of the Appalachian School of Law.
Net worth: $380 million
Confidence: C+
KIRBY FAMILY
Claremont. The late Ann Kirby Kirby’s fortune came from
her grandfather Fred Morgan Kirby’s variety store fortune. Widower James Lewis Kirby
remains at their large Surry County estate by the James River. The estate of Ann Kirby
Kirby owns about 10 percent of the stock of Alleghany Corp., a New York City-based
insurance company.
Net worth: $350 million
Confidence: B
ATHALIE "JOAN" IRVINE SMITH
Middleburg and Corona Del Mar, Calif. 68. Heiress to the
Irvine Co. real estate fortune. Joan Irvine Smith Fine Arts Inc. of Laguna Beach, Calif.,
sponsors the California Art Club Outdoor Painting Festival each year. In 1996 pledged $1
million to form the Reeve-Irvine Research Center, dedicated to researching spinal cord
trauma and loss of neurological function. Collaborating on project with actor Christopher
Reeve, the University of California, Irvine, and the American Paralysis Association.
Net worth: $350 million
Confidence: B-
CARL D. SILVER
Fredericksburg. 75. A millionaire by 35, Silver was wounded in
World War II. In 1947, moved his used-car business to Fredericksburg, where he switched to
real estate in mid-1960s. With son, Larry, developed Central Park commercial complex and
Central Park Funland, a 127,120-square-foot family entertainment center. The complex
encompasses more than 2 million square feet of retail, entertainment and restaurant space.
Net worth: $350 million
Confidence: C
ROBERT E. LAROSE
Chantilly. 57. Bob LaRose, founder and CEO of Integic Inc.,
hasn’t grown his e-business solutions firm particularly fast by dot-com standards
— it’s taken his systems-integration firm 10 years to reach $100 million in
annual revenues. But then, he’s profitable. And venture capitalists don’t own
any of his company. He’s grown Integic "organically," LaRose says. It takes
more than money and armies of programmers to make a successful product: It takes time.
He’s invested more than $10 million — over five or six years — in e.power,
an e-process integration platform that he’s applied to pharmaceutical companies,
health care and government. But the payoff is tremendous: The software lives up to its
billing. Sales for the product and related services are booming.
Net worth: $300 million
Confidence: B+
FIRESTONES
Upperville. Diana Johnson Firestone, 69, is heiress of the
fortune of John Seward Johnson of Johnson & Johnson fame. She has made a name for
herself and husband Bertram R. Firestone, 69, by raising thoroughbreds over the past
several decades.
Net Worth: $300 million
Confidence: B
BETTY SCRIPPS HARVEY
Charlottesville and Palm Beach. Late husband, Edward W.
Scripps, was grandson of E.W. Scripps, founder of Scripps-Howard newspaper chain. Sold
Scripps League Newspapers in 1996. Now remarried, Harvey is the founder and chairman of
family’s new Charlottesville-based company, Scripps Enterprises Inc., a conglomerate
of real estate, gas, oil, newspapers and other interests. The Scripps Foundation, started
by Harvey and her late husband, contributed $500,000 to support the annual Fourth of July
event at Monticello where Mrs. Harvey is a former member of the board of trustees. Also
serves as a member of The Governing Council of the Miller Center at the University of
Virginia.
Net worth: $300 million
Confidence: B
C. DANIEL CLEMENTE
Vienna. 64. Former lawyer ventured into real estate by
developing Brighton Mall in Falls Church. Considers himself a conservative buyer. Besides
managing or owning hundreds of millions of dollars worth of real estate, Clemente founded
several banks, including Community Bank and Trust in Springfield and First Commercial Bank
of Arlington. Assists candidates of both political parties.
Net worth: $300 million
Confidence: C
E. MORGAN MASSEY
Richmond. 74. Years of development work in the Appalachian gas
fields have paid off massively for the Massey family. Having acquired the gas drilling
rights for half of Harlan County, Ky., and much of Lee County, Va., Morgan Massey and his
son Craig have sealed a crucial deal with Duke Energy Corp. to build a spur from its main
pipeline to their gas reserves. Gas should start flowing in September. Plans call for
adding 70 wells per year. Meanwhile, Massey’s Asian American Coal Co. is raising $75
million in venture capital to continue development of two massive coal mines and a coalbed
methane project in China. The long-term objective is to take the company public on the
Hong Kong stock market. A coal-mining investment in Venezuela remains mired in problems.
Outside interests include a major fund-raising campaign for the Massey Cancer Center in
Richmond and construction of a family retreat in the Bahamas.
Net worth: $260 million*
Confidence: A-
JOSEPH E. ROBERT JR.
McLean. 50. Founder, Chairman and CEO of J.E. Robert Cos., a global real estate investment
firm. Founded the Real Estate Capital Recovery Association. Active in charitable work for
youth. Fight Night, started by Robert 10 years ago, is an annual black tie affair held in
October. Proceeds are distributed to several youth programs. School Night funds
scholarships for local youth to attend prep schools. Recently committed $25 million to the
National Children’s Medical Center.
Net worth: $260 million
Confidence: C
RACHEL BUNNY MELLON
Upperville. Widow of philanthropist Paul Mellon. Received $110
million in cash upon his death in 1999. In his lifetime, Mellon amassed an incredible
collection of rare paintings, books and letters. Recent contributions to Virginia museums
include rare books and pencil sketches of the Civil War to the Virginia Historical Society
and six letters penned by Thomas Jefferson to the University of Virginia.
Net worth: $250 million*
Confidence: C
UKROP FAMILY
Richmond. Brothers James E. Ukrop, 64, and Robert S. Ukrop,
54, inducted into Greater Richmond Business Hall of Fame in 1999. Four years ago,
Ukrop’s Super Markets Inc. introduced its latest amenity — First Market Federal
Savings Bank, a full service thrift inside Ukrop’s stores. Jim Ukrop is chairman.
First Market reached $100 million in assets in its first six months.
Net worth: $240 million
Confidence: C
SAUER FAMILY
Richmond. Founded in 1887, C.F. Sauer Co. makes spices and
extracts. Family owns more than 95 percent of company and runs it. Expanded into other
markets including hardware. Acquired Pleasants Hardware in 1988. Other subsidiaries
include Dean Foods, Metrolina Plastics Inc. — both in Richmond, and the Duke’s
brand of mayonnaise and salad products in Greenville, S.C.
Net worth: $230 million
Confidence: C
W. RUSSELL RAMSEY
Great Falls. 41. A co-founder of Friedman, Billings, Ramsey
Group, an Arlington investment firm that has been in the forefront of the Northern
Virginia technology boom. So far has dodged the bullet on tech downturns and still plans
on expanding nationally and internationally with venture funds that will help start-ups.
Net worth: $225 million
Confidence: A
GENE B. DIXON JR.
Dillwyn. 58. World’s largest kyanite mine in rural Buckingham owned by Dixon and his
family. Also owns The Cavalier Hotel in Virginia Beach, a major stake in Bank of Charlotte
and Dillard Park, a 600-acre industrial site in Amherst County.
Net worth: $205 million
Confidence: C
MARK R. WARNER
Alexandria. 46. Venture capitalist Warner has survived the
dot-com crash in good shape. Though his net worth is down $25 million from a year ago, his
investment in Columbia Capital has fared much better than publicly traded companies such
as ICGE and CMGI, whose shares are worth about 2 percent of what they were at their peak.
Columbia never invested in Internet companies, which frittered their funding on Super Bowl
ads and sock puppets; the telecommunications companies in its portfolio, mostly wireless,
own hard assets. And because Warner never marked up Columbia’s assets to the inflated
market values of 1999 and 2000, he hasn’t had to mark them back down. While his
partners nurse Columbia’s investments through the downturn, Warner is running for
governor. Though a Democrat, he has strong support in the Republican-leaning business
community. It doesn’t hurt that Warner is business partners with big wigs around the
state — he helped found local venture capital funds in Blacksburg, Richmond, Hampton
Roads and Southside, then brought in local business leaders as investors. Luckily for
Warner, the local funds are doing pretty well.
Net worth: $200 million
Confidence: A-
IVOR MASSEY (FAMILY)
Richmond. Ivor Massey, who administers the family estate bequeathed by his father, had the
good sense to yank his stock investments out of the technology sector three years ago.
Portfolio ahead of the S&P by 18 points this year. But his venture investments
aren’t looking as good. Experient Technologies, a Richmond e-learning company, is
facing liquidation. He reorganized management at Macrosonix, which applies acoustic
technology to pumps and compressors, after delays in developing marketable product. New
CEO, says Massey, pursues a "cult of ruthless objectivity." He’s also
breaking up East3, keeping one piece focused on its attention-training business, and
merging the other with EPM, a Richmond sleep monitoring and treatment company. Still high
on Tovaris, which sells encrypted e-mail, and Third Millennium Press, an e-learning
company, both in Charlottesville.
Net worth: $200 million*
Confidence: B
MARIO M. MORINO
Great Falls. 58. Made more than $80 million when software
company he founded, Legent Corp., was acquired by Computer Associates in 1995. Now
operates Morino Institute in Reston, a non-profit that helps people and businesses make
positive economic and social changes through use of the Internet. Founded Venture
Philanthropy Partners to boost level and effectiveness of philanthropic giving. Also acts
as a special partner to General Atlantic Partners, the world’s largest private equity
investment firm focused solely on global Internet and technology investments.
Net worth: $200 million
Confidence: B
NIGEL W. MORRIS
Alexandria. 42. Co-founder, president and chief operating
officer and director of Capital One Financial Corp. Very active with credit card
marketing, this graduate of London University went on to The Wharton School at the
University of Pennsylvania and then to success in the financial sector.
Net worth: $200
Confidence: B
WILLIAM H. GOODWIN JR.
Richmond. 60. Part-owner of the Jefferson Hotel in Richmond,
which just received Mobil’s highest rating, and South Carolina resort Kiawah Island.
Graduate of Virginia Tech and the University of Virginia’s Darden Graduate School of
Business Administration. Active in charities, such as the Episcopal Diocese of Virginia,
the Darden School at the University of Virginia and the School of Engineering at Virginia
Commonwealth University. "We continue to give money away," he says.
Net worth: $200 million
Confidence: B-
ARTHUR W. ARUNDEL
The Plains. 72. Nick Arundel is president of Herndon-based
ArCom Publishing Co., which publishes 17 weekly newspapers in Northern Virginia. The
private company picked up a new weekly last year, the Annandale Times. Arundel serves as
chairman of the Greater Richmond Transit Co. and as a trustee on the Virginia Commonwealth
University Foundation. Founder of 500-acre nonprofit Great Meadow Field Events Center near
The Plains. Chairman of Gold Cup steeplechase, prominent state race held there annually.
Was inducted into Virginia Communica-tions Hall of Fame in April. Sponsored by VCU’s
School of Mass Communications, the award honors people with exceptional achievements in
journalism.
Net worth: $190 million
Confidence: B
PERRYS
Virginia Beach. J. Douglas Perry, has been chairman of the
board of Dollar Tree Stores Inc. since 1986; retired as employee and officer in 1999.
Remains chairman of the board of Old Dominion Trust Co. He and wife, Patricia, are active
in civic and charitable organizations. Mr. Perry is a member of board of the U.S.S.
Wisconsin Foundation that raised funds to permanently dock the ship in Norfolk as a
tourist attraction.
Net worth: $175 million
Confidence: B
DAVID P. REYNOLDS
Richmond. 86. Chairman emeritus Reynolds Metals Co. Last
member of his family to head the Richmond-based company where he worked for more than half
a century before his retirement. Reynolds was taken over by Alcoa last year in a $6
billion deal.
Net worth: $175 million
Confidence: C
DANIEL F. AKERSON
McLean. 52. This former Navy officer has made a career
innovating and troubleshooting at telecom companies. Was chairman of Nextel Communications
until February. Now is chairman of XO Communications, a wireless firm founded by telecom
maven Craig McCaw. Akerson spent 10 years at maverick MCI, taking it from the early days
of the break-up of AT&T. Had been CEO of Nextel and Nextlink Communications. Net worth
suffered from stock downturn and churn in the telecom market.
Net worth: $170 million
Confidence: C
MARKELS
Richmond. 52. Steven A. Markel is vice chairman of specialty
insurance company Markel Corp. in Glen Allen. Cousin Anthony F. Markel, 58, is president
and COO. Steve also serves on board of S&K Famous Brands. At Markel, Steve handles
investments, Tony manages underwriting. Led by CEO Alan Kirshner — their
ex-cousin-in-law — the company has increased book value by 30 percent per year since
1986.
Steven A. Markel: $90 million
Anthony F. Markel: $75 million
Confidence: A
WENDELL WOOD
Charlottesville. 60. Made millions as a developer, mostly in
Charlottesville area. His United Land Corp. sold land to U.Va. for its research park and
is currently planning a 165-acre mixed use development near the research park named Town
Center. Sold roughly 28 acres near airport to U.S. Army National Ground Intelligence
Center for $1 million. That center, a $60 million development, is opening soon and will
house 800 to 900 workers. Large tracts are going at a premium in the growing
Charlottesville area, and Wood is positioned to capitalize.
Net worth: $160 million
Confidence: B
HYLTON FAMILY
Prince William County. Heirs of the late Cecil D. Hylton
developed Dale City, a planned residential community, just off Interstate 95. His wife and
three children are still active in real estate and have donated land for schools, parks
and churches.
Net worth: $160 million
Confidence: C
M.G. PAT ROBERTSON
Virginia Beach. 71. Religious broadcaster and one-time
presidential candidate. Founded Christian Broadcasting Network and the Christian
Coalition. Strong supporter of George W. Bush’s presidential campaign, but has raised
questions about Bush’s faith-based initiative to expand eligibility for government
grants to religious charities. Temporarily at the helm of the university he founded in
Virginia Beach, Regent University, while it searches for new president. Goes beyond
religion in investments — wants to take his Chinese Internet company, Zhaodaola,
public on Hong Kong exchange. According to published reports, started a gold-mining
venture in Liberia, a business move that raised eyebrows since the country is headed by
former warlord Charles Taylor who assumed power following a brutal seven-year civil war.
Net worth: $150 million*
Confidence: B
ROBERT M. ROSENTHAL
Middleburg. 72. Heads one of the country’s largest
automobile dealerships. Founded Rosenthal Automotive Cos. in Arlington in 1954. The
company has grown from one Chevrolet dealership to 15 dealerships in metropolitan
Washington. They sell more than 20,000 foreign and domestic cars a year, generating annual
sales of nearly $800 million. In 1997, Rosenthal joined other dealers to form Capital
Automotive REIT, the first automotive-only real estate investment trust in the U.S. In
1998, the company went public. Rosenthal owns about 15 percent of the REIT’s stock.
Net worth: $150 million
Confidence: C
TAUBMAN FAMILY
Roanoke. Nicholas Taubman, son of Advance Auto Parts founder
Arthur Taubman, sold the company in 1998 and now serves as chairman. Advance Auto, the
second largest auto parts chain in America, now has 1,728 stores in 37 states. Advance
recently announced its acquisition of 51 Carport stores in Alabama and Mississippi. In
2000, the company formed partnership with CSK Auto to form a new online company,
PartsAmerica.com.
Net worth: $150 million*
Confidence: C
JAMES B. MURRAY JR.
Charlottesville. 54. A founding partner of Columbia Capital Corp., an Alexandria
venture-capital firm that finances new communications and info-tech companies. Left
company last summer to pursue other interests. Currently serves as managing partner of
Court Square Ventures in Charlottesville. Also serves as a charter sponsor member of the
Center for Governmental Studies at the University of Virginia and on the Advisory Board of
the Blue Ridge Chapter of the National Multiple Sclerosis Society.
Net worth: $150 million
Confidence: C
WINKLER FAMILY
Alexandria. Mark Winkler died in 1970, leaving most of his
fortune to his wife and three children. Daughter Tori Thomas heads Mark Winkler Co.
Net worth: $150 million
Confidence: C
THE MERRICKS
Burke. Australian-born Phillip Merrick, 38, and his wife,
Caren DeWitt, 40, co-founded webMethods Inc. in 1996 with help from an angel investor and
by maxing out credit cards. A year after its start, the Fairfax-based company had a measly
$31 in its bank account. DeWitt is the company’s marketing VP. Merrick is president,
chairman and CEO. Today webMethods, a business-to-business software provider, has more
than 160 customers worldwide and offices in U.S. and Europe. Company was one of the few
dot-coms to survive the high-tech market crash. Reported earnings of $2.7 million for the
last quarter of 2000. While still awash in cash last year, webMethods, under
philanthropists Merrick and DeWitt, set up a $25 million foundation to aid nonprofit
social groups.
Phillip Merrick: $71 million
Caren DeWitt: $69.5 million
Confidence: B
DWIGHT C. SCHAR
McLean. 59. Schar has been chairman and CEO of NVR, a
homebuilding and mortgage banking company, since 1993. Dropping interest rates and a
growing new home market have helped NVR start strong in 2001 with revenues for the first
quarter rising 6 percent to $531.7 million. Mr. Schar has a 10 percent ownership stake in
the company.
Net worth: $140 million
Confidence: B -
JOSEPH W. LUTER III
 Smithfield, 61, CEO of Smithfield Foods. Has become a major power
broker in the high-stakes game of reshaping the U.S. food industry. After acquiring major
hog producers Murphy Family Farms and Carroll Foods, Luter has turned his attention to
beef. Has his eyes on huge beef producer IBP Inc. of Des Moines and is said to be waiting
for the fallout from Tyson Foods contested takeover of IBP before making his play. Also
bought 50 percent of Pinnacle Foods and specialty ham and food producer Smithfield Cos. of
Portsmouth. Now has operations in Canada, Poland, France, Japan and Mexico. Recently
cashed out 1.2 million shares or 18 percent of Smithfield Foods worth about $37.5 million
to buy a new apartment in New York City. Still is the majority shareholder with 2.9
million shares.
Net worth: $132 million
Confidence: B
STEVEN M. WOLF
Leesburg. 59. Chairman of US Airways Group. Company was on
verge of bankruptcy when Wolf took over five years ago. Now company is worth $9 billion.
Established alliance with American Airlines, placed order for 400 aircraft, introduced
MetroJet and refocused company on service. During career, has worked at seven airlines. As
a teen in California, attended high school four hours each day so he also could work and
support his mother and two sisters. Business strategy is growth, even if that means
cutting costs aggressively.
Net worth: $127 million
Confidence: B
MICHAEL SAYLOR
Vienna. 36. Co-founder and CEO of MicroStrategy, a high-flying
dot-com until last year’s Nasdaq crash. The value of the company’s shares took a
wild ride, cresting at $333 a share in early 2000 and trading as low as $2.97 this spring.
After settling SEC allegations about overstated earnings and a civil lawsuit brought by
shareholders, MicroStrategy is focusing on its core business — software that allows
customers to mine information from large databases. Although Saylor took a huge hit in the
value of his personal wealth, from a high of $14 billion to an estimated wealth today of
just over $100 million, he has pledged to make good on a $100 million pledge to fund an
Internet-based university.
Net worth: $126 million
Confidence: B
WILTON FAMILY
Richmond. E. Carlton Wilton Sr., 78, developed much of
Richmond’s western suburbs. He remains chairman of The Wilton Cos. His son, E.
Carlton Wilton Jr., is president. Much of his wealth comes from the 1991 sale of Regency
Square Mall for an estimated $120 million in 1991.
Net worth: $125 million
Confidence: A
VAN METRE FAMILY
Burke. Van Metre Cos. is one of Northern Virginia’s most
successful, privately owned real estate organizations. Founded by Albert G. Van Metre, Sr.
74, 46 years ago, company has built new-home and apartment communities, office buildings
and shopping centers. Sponsors the annual Van Metre 5-Mile Run for Children’s
Hospitals, a major charitable event in Northern Virginia. Last year’s run in October
raised $80,000.
Net worth: $123 million
Confidence: A
JEFFREY J. STEINER
Upperville and New York. 64. Chairman of Fairchild Corp.
spends much of his time at Foxlease, the 936-acre farm in Upperville. An émigré from
Austria, Steiner climbed the corporate ladder at Texas Instruments and became a corporate
raider in the 1980s with help from junk bond king-turned-philanthropist Michael Milken.
Fairchild, which makes fasteners and other parts for aircraft, has seen its stock stumble
for the past year.
Net worth: $120 million
Confidence: A-
LUCK FAMILY
Goochland County. Luck Stone Corp. is the largest
privately held, family-run producer of aggregates in the United States. Founded in 1923,
the company is led by Charles S. Luck III, chairman, and Charles S. Luck IV, president and
CEO. Current business operations include 13 quarries and three sand and gravel plants in
Virginia and one quarry in North Carolina. The company’s environmental focus has been
recognized through numerous industry awards, including 10 Environmental Eagle Awards from
the National Stone Association and the Environmental Protection Agency.
Net worth: $120 million
Confidence: B
PATRICIA CORNWELL
Richmond. 44. One of the nation’s most successful
crime writers. Has published 11 novels starring fictitious state medical examiner Kay
Scarpetta. Columbia Pictures plans to put Scarpetta on the big screen finally, much to
fans’ delight. Screenwriter Robert Rodat, whose credits include "Saving Private
Ryan" and "The Patriot," is writing the screenplay based on Cornwell’s
books "Cruel & Unusual" and "Unnatural Exposure." Donated $250,000
to the Science Museum of Virginia last year for a forensics exhibit where visitors can
help solve crimes. Grew up in North Carolina, was mentored by Billy and Ruth Graham. Later
wrote a biography of Ruth Graham. Started career as a reporter at the Charlotte Observer.
Net worth: $120 million
Confidence: C
JOHN GRISHAM
Charlottesville. 46. Best-selling author released 12th novel,
"A Painted House," but more and more Grisham’s life seems to be about his
greatest passion: baseball. He wrote the script and is financing "Mickey," a
movie inspired by Grisham’s experience as a Little League baseball coach. Some of the
shots were filmed at the little league ball complex Grisham built outside Charlottesville.
His family now makes its home in Virginia where his son has signed a baseball scholarship
with the University of Virginia.
Net worth: $120 million
Confidence: C-
F. WAYNE MCLESKEY JR.
Virginia Beach. 77. Owns more than $40 million in commercial
real estate as well as other properties in Pennsylvania, Florida and North Carolina.
Net worth: $120 million
Confidence: C-
ALAN T. LINGERFELT
Richmond. 46. In late 1960s and 1970s began converting family
contracting business into Lingerfelt Development Corp. Sold company in 1995 to
Pennsylvania-based Liberty Property Trust for $70 million in cash and $14 million in
shares.
Net worth: $115 million
Confidence: C
EDWIN A. JOSEPH
Gloucester. 73. Majority owner of Great Atlantic Real
Estate/Property Management Co. in Newport News. Company is continually growing, acquiring
an average of 2,000 apartment units each year and managing or owning 15,000 apartment
units on each coast. While Joseph is still involved in the business, he also spends much
of his time doing charity work including convalescence and hospice work.
Net worth: $105 million
Confidence: A-
BRYAN FAMILY
Richmond. Estate, still being settled, was built by the late
D. Tennant Bryan, publisher of Richmond Newspapers Inc. and founder of Media General Inc.
Children include Mary Perkins of Richmond, Florence Fowlkes of Chevy Chase, Md., and J.
Stewart Bryan III. Bryan, 62, is chairman and CEO of Media General, whose holdings include
this magazine, 25 daily newspapers, 26 TV stations and part ownership in two newsprint
mills. After selling its cable operations in Fairfax and Fredericksburg to Cox
Communications for $1.4 billion, the company has continued a buying spree of news media
properties in the Southeast and is emphasizing new media and converging Internet news with
print and broadcast news. Virginia holdings include a Roanoke TV station and newspapers in
Richmond, Charlottesville and eight other cities. Also owns The Tampa Tribune in Florida
and the Winston-Salem Journal in North Carolina.
Net worth: $100 million
Confidence: A
ALAN M. VOORHEES
Alexandria. 78. Urban-planner-turned-angel-investor, Voorhees
owns scattered properties around the state: the Berkeley Hotel in Richmond, the
Westmoreland Berry Farm, a stake in Resource Bankshares and investments in a number of
technology ventures. In the past year, Boeing Corp. bought Autometric Inc., in which he
had invested.
Net worth: $100 million
Confidence: B
WILLIAM B. MASSEY
Richmond. Actively manages portfolio created when family sold
stake in A.T. Massey Coal Co. Keeps extremely low profile.
Net worth: $100 million*
Confidence: C+
HARRY F. BYRD Jr.
Winchester. 85. The former U.S. senator still maintains his
assets in The Winchester Star and Harrisonburg News-Record. Three decades ago, he sold the
family apple business, that now includes about 15,000 acres of orchards, to his son Harry
F. Byrd III. His other son publishes The Winchester Star.
Net worth: $100 million
Confidence: C
THE GUMENICKS
Patriarch, Nathan S. Gumenick, passed away last year at age
94. Nathan entered real estate market during Depression and founded Gumenick properties in
the 1940s. Children Jerome Gumenick, 73, and Harriet Gumenick Grandis, 77, live in
Richmond area.
Net worth: $100 million
Confidence: C
MERCHANT FAMILY
Manassas. Three siblings, Wilson Merchant, Carol Merchant
Kirby and Linda Merchant Bell, share ownership of Manassas-based Merch-ant’s Inc.
Their father, W. Caton Merchant, founded the auto service chain in 1943. Merchants has 120
retail locations in the Mid-Atlantic. Bell is currently chairman of the board.
Net worth: $100 million
Confidence: C
JOHN D. PHILLIPS
Keswick, Atlanta and Sea Island, Ga. 58. It was a bumpy
business year for the chairman and CEO of World Access Inc., an Atlanta-based
international telecommunications firm. The Nasdaq crash vaporized $30 million worth of his
net worth. "Even though $30 million is a lot of money, it was not the part of my
estate that dictates my lifestyle," Phillips says. World Access survived, but after a
business deal with Deutsche Telekom in Germany fell though, it filed for bankruptcy under
Chapter 11. Phillips says the company is reorganizing and will continue its mission of
consolidating European retail, long-distance business. The former head of John
Kluge’s Metromedia International Group owns historic Airslie Estate and adjoining
Findowrie Farm in Keswick.
Net worth: $94 million
Confidence: A
JOHN G. BALLENGER
Middleburg. 68. Sold Chantilly-based Computer Equity Corp., a
firm he started in 1986, for $25 million last July to Applied Digital Solutions of Palm
Beach, Fla. Ballenger’s family held 72 percent of Computer Equity, which deals with
telecommunications and computers. Income from the sale of his company helped moderate
stock market losses in high-tech companies.
Net worth: $90 million
Confidence: A
STANLEY F. PAULEY
Richmond. 73. Led management buyout of The Carpenter Co. in
1980 after death of founder E. Rhodes Carpenter. Richmond-based company makes wide variety
of polyurethane foam and fiber cushioning products including carpet cushion, mattress
pads, pillows and foam packaging. Revenues for 2000 were $925 million and the company has
offices across the U.S. and Europe.
Net worth: $90 million
Confidence: C+
DOUGLAS H. McCORKINDALE
McLean. 61. Chairman, president & CEO of Arlington-based
Gannett Co., an international news, information and Internet company. Joined Gannett,
which owns USA TODAY, the country’s largest-selling daily newspaper, in 1971 as
general counsel. Six years later, became senior vice president of finance and law and a
director of the company. A Harlan Fiske Stone scholar, McCorkindale graduated cum laude
from Columbia Law School in 1964.
Net worth: $89.9 million
Confidence: A
THE McMURTRIES
Richmond. Former State Del. Alexander B. McMurtrie Jr. and his
wife Margaret Hillenbrand.McMurtrie have substantial investments in Indiana-based
Hillenbrand Industries, founded by Mrs. McMurtrie’s grandfather. Hillenbrand
Industries is the holding company of Forethought Financial Services, Batesville Casket
Company and Hill-Rom, which manufactures health care products. Mr. McMurtrie, an attorney,
also has real estate interests in Virginia and Indiana.
Net worth: $85 million*
Confidence: B+
RAYMOND B. RUDDY
57. Reston. Chairman of the Board of MAXIMUS, a heavyweight in
health and human service program management and consulting services to state and local
governments. He is the former president of the company’s consulting group, having
been with the firm since 1985. Ruddy received his M.B.A. from the Wharton School of
Business of the University of Pennsylvania and his B.S. in Economics from Holy Cross
College.
Net worth: $85 million
Confidence: C+
MILTON V. PETERSON
Fairfax. Chairman of Peterson Cos., a real estate company that
has planned and developed 22,000 residential lots, 6 million square feet of retail and
over 9 million square feet of quality office space in the Washington suburbs. In the
1990s, The Peterson Companies have acquired, developed or sold over a billion dollars of
real estate. Among its many projects, the firm is now developing National Harbor, a $2
billion retail, entertainment, and resort complex overlooking the Potomac in Oxon Hill,
Maryland.
Net worth: $85 million
Confidence: C-
JAMES B. CRAWFORD
Richmond. 58. Continues to benefit as energy shortages
increase consumption of coal. James River Coal Co., which he founded in 1988 through a
leveraged buyout, made six acquisitions and now is the second largest producer in the
prized low-sulfur, high-heat coal fields of Eastern Kentucky. With revenues of $416
million annually, James River still carries considerable debt. Crawford has taken on an
institutional partner since 1994. James River Coal has strong markets among Southeastern
utilities.
Net worth: $80 million
Confidence: B
THE BROCKS
Virginia Beach. Macon Brock Jr., 59. Heads Dollar Tree Stores
Inc., the nation’s largest chain of $1 discount variety stores which operates 1,729
stores in 36 states. Despite a 25 percent increase in net sales in 2000 to $1.6 billion, a
sluggish holiday sales season and slowing economy have caused serious hits to the
company’s stock with the price dropping to a new low of less than $16 in March. As
President and CEO, the value of Brock’s 6 percent stake has dropped as well. He and
wife, Joan, support numerous charitable causes, including their alma maters. They gave $3
million to Joan’s school, Longwood College, the largest capital gift in the
school’s history.
Net worth: $75.9 million
Confidence: B
WILLIAM A. HAZEL
Broad Run. 66. William A. Hazel Inc. is largest utility
contractor in Northern Virginia. Shares real estate interests with brother Til, including
land in Loudoun and Fauquier counties.
Net worth: $75 million
Confidence: A-
THE NOLANDS
Lloyd U. Noland Jr. grew father’s plumbing supply
business, founded in 1915, from $60 million in sales in 1952 to $400 million when he
retired in 1987. Son Lloyd U. Noland III, now at helm. Family owns about 58 percent of
corporation’s stock. Noland Co. is wholesaler of mechanical equipment and supplies,
operating more than 100 locations in 13 states. Noland Jr. remains head of Basic
Construction and recently stepped down as chairman of the subsidiary Noland Properties.
Noland III now a director for Wachovia Bank.
Net worth: $75 million
Confidence: B-
JOHN T. HAZEL JR.
Broad Run. 70. Lawyer-developer still active in Reed Smith
Hazel & Thomas law firm. Advocate of higher education. Former partner in
Hazel/Peterson Cos., a Fairfax-based real estate development firm. Company has built many
prominent Fairfax County projects, including Fair Lakes and Burke Center.
Net worth: $65 million
Confidence: B
THE OLSSONS
West Point. Sture G. Olsson retired as chairman of Chesapeake
Corp. in 1994 and enjoys family farm on Pamunkey River. A graduate of U.Va., Olsson has
been generous to his alma mater as well as numerous civic and educational projects through
the Elis Olsson Memorial Foundation.
Net worth: $65 million
Confidence: B-
JOHN W. SNOW
Richmond. 61. Wall Street likes the way John Snow has managed
CSX Corp’s consolidation with Conrail since the takeover two years ago threw East
Coast rail traffic into confusion. CSX has seen its stock price rise 60 percent in the
past year, beating arch-rival Norfolk Southern, which treaded water, and pounding the
S&P 500, which lost 20 percent. Though CEO of the transportation holding company,
which includes barges, terminals and a container line, Snow personally supervised the
railroad turn-around. Today, the rail operation finally is reaping the benefits of the
merger, capturing thousands of containers from trucks on north-south routes.
Net worth: $60 million
Confidence: B+
MAX PEARSON
Richmond. 81. Chesterfield County. President of The Pearson
Cos., a family-owned corporation which operates seven automobile dealerships in Virginia
and three in Florida. In addition, Pearson is a partner in two auto dealerships in
Florida. Also holds ownership interests in insurance companies, radio stations and real
estate.
Net worth: $60 million
Confidence: C-
* Includes assets held in trust or by other family
members
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Business - June 2001
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